National Metal Manufacturing and Casting Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 57.88 | 54.52 | 6.16 | 65.75 | -11.97 |
| Gross Profit (Loss) | 1.92 | 1.53 | 25.49 | 3.9 | -50.77 |
| Operational Profit (Loss) | -5.63 | -6.89 | -18.29 | -3.42 | 64.62 |
| Net Profit (Loss) after Zakat and Tax | -7.56 | -8.2 | -7.8 | -4.9 | 54.28 |
| Total Comprehensive Income | -7.56 | -8.2 | -7.8 | -4.9 | 54.28 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 123.63 | 131.55 | -6.02 |
| Gross Profit (Loss) | 5.83 | 4.52 | 28.98 |
| Operational Profit (Loss) | -9.05 | -12.51 | -27.66 |
| Net Profit (Loss) after Zakat and Tax | -12.46 | -15.33 | -18.72 |
| Total Comprehensive Income | -12.46 | -15.33 | -18.72 |
| Total Share Holders Equity (after Deducting Minority Equity) | 303.11 | 336.46 | -9.91 |
| Profit (Loss) per Share | -0.35 | -0.43 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -78.06 | 354 | -22.05 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Reasons for the decrease in the losses during current quarter compare to the same quarter last year are improvement in sales, decrease in cost of sales mainly raw material , decrease in selling and distributing expenses and increase in profit from Murabaha and deposits with banks. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Reasons for the increase in the losses for current quarter compare to the previous quarter are decrease in sales due to low market demand for main products of the company, decrease in average selling price of some products, decrease in other income, decrease in profit from Murabaha & deposits with banks, increase in finance expenses and increase in the ZAKAT provision for recording differences of ZAKAT for previous years. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Reasons for the decrease in the losses for current period compare to the same period last year are decrease in in the cost of sales mainly raw material , improvement in sales of Axles & casting products, decrease in selling and distributing expense and decrease in general and administrative expenses and increase in other incomes & profit from Murabaha and deposits with banks. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to comply with the current period presentation of the condensed interim financial statements. |
| Additional Information | The accumulated losses reached SAR 78.06 Million, equivalent to 22.05% of the company’s paid up capital of SAR 354 Million. The main reasons for the accumulated losses are:
1- Decrease in sales of the main products due to low demand in the local and export markets. 2- Local manufacturers of P.C. Strand product (one of the main products of the company) entered in some exporting countries, negatively impacted the quantities exported to those countries. 3- High fluctuation in the price of high-carbon steel (the main raw material for the company's products) and its not produced locally. The company came to know that the accumulated losses reached 22.05% of its paid up capital on 30/06/2023, the company will apply the procedures and instructions applicable on companies listed in Saudi capital market whose accumulated losses reached 20% or more out of the capital. |
Comments